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The year 2025 kicked off on a high note for India’s startup ecosystem, with Netradyne becoming the first unicorn just days into the new year. But any hopes of a unicorn revival were quickly tempered, and the pace of new unicorn creation remained subdued, in line withthe funding slump seen over the past two years.

India minted a record 45 unicorns in 2021, but the number fell sharply to 22 in 2022 and just two in 2023. While 2024 saw modest recovery with seven new unicorns, 2025 has so far added six— Netradyne, Porter, Drools, Fireflies.ai, Jumbotail and Dhan.

This slowdown isn’t unexpected. With capital now flowing more selectively, founders and investors are shifting from a “growth-at-all-costs” mindset to a focus on sustainable business models and profitability.

So far, 126 Indian startups have entered the unicorn club. But the pace has shifted. What was once a unicorn frenzy has now become a more measured climb, as the funding winter made investors more selective and forced founders to double down on fundamentals.

Still, the ecosystem continues to evolve. While 14 of the 126 unicorns have since slipped below the $1 Bn valuation mark (some due to broader market volatility), over 20 have gone public and five have been acquired.

As of December 2025, India’s unicorns have collectively raised over $117 Bn and command a combined valuation exceeding $389 Bn.

Notably, among all the unicorns, Mensa Brands took the least time to reach the billion-dollar mark; it achieved unicorn status in just six months. It was followed by GlobalBees, which took seven months to become a unicorn.

Meanwhile, startups like 5ire, Ola Krutrim, and Glance took about a year to achieve unicorn status.

To help track this evolving landscape, Inc42 has launched the Indian Unicorn Tracker. From founding years and sector focus to funding raised, investors, and time taken to reach unicorn status, this tracker is your one-stop resource for decoding India’s most valuable startups. It also offers a snapshot of where each Indian unicorn stands today.

Read our methodology here.

Bengaluru remains India’s undisputed unicorn capital, with 51 startups headquartered in the city. The city’s position is backed by a mix of engineering talent, established investor networks, and consistent startup activity.

Even as overall funding dipped in 2024, Bengaluru still pulled in over $3.5 Bn in capital, with companies like Razorpay, Meesho, Udaan, Ather Energy, and Rapido raising substantial rounds.

What’s notable is the continued concentration of new unicorns in the city. According to Inc42 analysis, 9 out of the 13 startups that joined the unicorn club in 2024 and 2025 so far are headquartered in Bengaluru.

Close behind, Delhi NCR and Mumbai take the second and third spots, with 39 and 18 unicorns, respectively.

Meanwhile, other hubs are slowly coming into their own. Pune now boasts 8 unicorns, benefitting from its product-first culture and talent pool. Chennai has produced 5 unicorns, anchored by strong manufacturing and SaaS roots. Hyderabad, though smaller in count with 3 unicorns, continues to build quietly in deeptech and healthtech.

Sectors Driving India’s Unicorn Boom

Ecommerce, fintech, and enterprise tech continue to anchor India’s unicorn story. Of the 126 startups that have entered the unicorn club so far, 29 operate in ecommerce, 26 in fintech, and 20 in enterprise tech.

But beyond the headline sectors, other categories are also seeing steady momentum.

Media & entertainment, logistics, edtech, and consumer services each account for seven unicorns, reflecting rising demand for digital content, last-mile delivery, affordable education, and everyday convenience.

Travel tech and healthtech follow closely, with six unicorns each, indicating that Indian startups are also making strides in sectors driven by post-pandemic recovery, wellness, and global mobility.

The Indian Unicorn Tracker will be updated periodically with fresh data, funding rounds, and exits. Stay tuned.

Last Updated | December 24, 2025

[Edited By Vinaykumar Rai]

The post Indian Unicorn Tracker: Funding, Investors, Revenue And More appeared first on Inc42 Media.